Video of Better.com CEO Laying Off 15% of Workforce

[usctrojancpa]

My guess is that the people that are left will be actively looking for new employment.

 

[eyephone]

Idk who is right. The CEO said some of the workers are working 2 hours. He runs a business not a non profit.
Tbh: this is cancel culture due to his video.
Mortgage companies come and go.
Do you think companies care about morale? They care about the bottom line. Someone has to pay the bills.

Of course everyone knows that. But to make it public and emphasize that, it is not a good morale booster. I bet majority people use their work computer to do some kind of personal things occasionally but at Better everything you do is being monitored it must be very high pressure environment there.

You didnt know employers can legally do that?
Emails sent or received through company emails are not considered private.

Wow he effectively admits they are monitoring everything employees does on their work computer. I am sure this is standard practice but saying it out loud I am not sure how uncomfortable the remaining employee would feel.

Better.com CEO accused hundreds of the 900 people he laid off on Zoom of 'stealing' by working only 2 hours daily
https://www.businessinsider.com/better-com-ceo-accused-hundreds-layoff-staff-working-2-hours-2021-12

 

[usctrojancpa]

Idk who is right. The CEO said some of the workers are working 2 hours. He runs a business not a non profit.
Tbh: this is cancel culture due to his video.
Mortgage companies come and go.
Do you think companies care about morale? They care about the bottom line. Someone has to pay the bills.

Of course everyone knows that. But to make it public and emphasize that, it is not a good morale booster. I bet majority people use their work computer to do some kind of personal things occasionally but at Better everything you do is being monitored it must be very high pressure environment there.

You didnt know employers can legally do that?
Emails sent or received through company emails are not considered private.

Wow he effectively admits they are monitoring everything employees does on their work computer. I am sure this is standard practice but saying it out loud I am not sure how uncomfortable the remaining employee would feel.

Better.com CEO accused hundreds of the 900 people he laid off on Zoom of 'stealing' by working only 2 hours daily
https://www.businessinsider.com/better-com-ceo-accused-hundreds-layoff-staff-working-2-hours-2021-12

Yes, businesses are all about making profits BUT bad morale will lead to turnover which does have a cost, especially in the this hot job market, and many executives fail to realize that because it's hard to quantify. 

 

[nosuchreality]

Idk who is right. The CEO said some of the workers are working 2 hours. He runs a business not a non profit.
Tbh: this is cancel culture due to his video.
Mortgage companies come and go.
Do you think companies care about morale? They care about the bottom line. Someone has to pay the bills.

Of course everyone knows that. But to make it public and emphasize that, it is not a good morale booster. I bet majority people use their work computer to do some kind of personal things occasionally but at Better everything you do is being monitored it must be very high pressure environment there.

You didnt know employers can legally do that?
Emails sent or received through company emails are not considered private.

Wow he effectively admits they are monitoring everything employees does on their work computer. I am sure this is standard practice but saying it out loud I am not sure how uncomfortable the remaining employee would feel.

Better.com CEO accused hundreds of the 900 people he laid off on Zoom of 'stealing' by working only 2 hours daily
https://www.businessinsider.com/better-com-ceo-accused-hundreds-layoff-staff-working-2-hours-2021-12

Yes, businesses are all about making profits BUT bad morale will lead to turnover which does have a cost, especially in the this hot job market, and many executives fail to realize that because it's hard to quantify. 

Bad morale has real visible impact almost immediately.  It take serious denial not to see the impacts in attrition, work quality and atmosphere.

The employees were working two hours?  That says very little about the employee, says every about the failure of management.  Slanderous really, what technique did they use to determine that and how does that limit the employees ability to drum up new business.  If One has to log appropriate computer activity you can?t be out drumming up business. 

Are hourly employee arrangements common in the mortgage industry? I ran into a VP a while back with that same attitude, wanted salary people punching the clock, then got upset when salary people  didn?t punch out at 5PM and showed working 10-12 hours anyway.  Showing way too many hours.  Then got upset when they punched out at 2PM on Friday even though they were doing a client job all weekend.  This is the guy I hear when that CEO opens his mouth, exact same attitude.

 

[eyephone]

Again. He got negative feed back because he fired people through zoom. But I guess some people on talk irvine want the company to employ everybody and cover endless losses.

In my opinion I think there generous loan promotions were questionable from a business perspective. (For example they had a amex promotion $2k statement credit on conforming loan and a $6k statement credit on a jumbo loan when you purchase or refi)

 

[akula1488]

No one is saying the lay off is unjustified. Just the CEO could have handled it better and the work culture seems bad.

Again. He got negative feed back because he fired people through zoom. But I guess some people on talk irvine want the company to employ everybody and cover endless losses.

In my opinion I think there generous loan promotions were questionable from a business perspective. (For example they had a amex promotion $2k statement credit on conforming loan and a $6k statement credit on a jumbo loan when you purchase or refi)

 

[eyephone]

Too bad if they got fired over zoom.
Any layoff is tough. Is it better the way Zillow fired the workers?

I dont see you complaining about Mark Zuckerberg. I read about a lot of Facebook employees complaining about him.

Yes you are complaining the layoff is unjustified.
You talked about high pressure environment. There are many jobs that are like that. You complain about being monitored. A company has the right to monitor the employees. As you said the employees might feel uncomfortable. Haha

I think you are mixing your freedom covid argument/feelings with business practices.

No one is saying the lay off is unjustified. Just the CEO could have handled it better and the work culture seems bad.

Again. He got negative feed back because he fired people through zoom. But I guess some people on talk irvine want the company to employ everybody and cover endless losses.

In my opinion I think there generous loan promotions were questionable from a business perspective. (For example they had a amex promotion $2k statement credit on conforming loan and a $6k statement credit on a jumbo loan when you purchase or refi)

 

[sleepy5136]

I think the problem is more about how he is as a person pre-layoff. How he called his employees the following:

"You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS... SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME,"

Laying off employees through zoom during a pandemic shouldn't be an issue.

 

[akula1488]

I don't see how this is related to my view on Covid. You are stretching this.

Too bad if they got fired over zoom.
Any layoff is tough. Is it better the way Zillow fired the workers?

I dont see you complaining about Mark Zuckerberg. I read about a lot of Facebook employees complaining about him.

Yes you are complaining the layoff is unjustified.
You talked about high pressure environment. There are many jobs that are like that. You complain about being monitored. A company has the right to monitor the employees. As you said the employees might feel uncomfortable. Haha

I think you are mixing your freedom covid argument/feelings with business practices.

No one is saying the lay off is unjustified. Just the CEO could have handled it better and the work culture seems bad.

Again. He got negative feed back because he fired people through zoom. But I guess some people on talk irvine want the company to employ everybody and cover endless losses.

In my opinion I think there generous loan promotions were questionable from a business perspective. (For example they had a amex promotion $2k statement credit on conforming loan and a $6k statement credit on a jumbo loan when you purchase or refi)

 

[morekaos]

Must be something to morale?. ;D ;D >

CEO who fired 900 staff on brutal Zoom call then branded workers thieves now has mass resignation of top executives on his hands - with more expected to step down

Three executives from Better's communications team have quit in the wake of the December 1 mass firing of 900 people
The heads of PR and marketing and the vice president of communications all quit following CEO Vishal Garg's three-minute Zoom call
The three are likely to be followed by others, according to company insiders
Garg, 43, apologized to staff for the way he handled the firing, saying: 'I realize that the way I communicated this news made a difficult situation worse'
[url]https://www.dailymail.co.uk/news/article-10285811/CEO-fired-900-staff-Zoom-sparks-mass-resignation-three-execs-expected.html[/url]

 

[eyephone]

Its called they might go public. You didnt know that?

Must be something to morale?. ;D ;D >

CEO who fired 900 staff on brutal Zoom call then branded workers thieves now has mass resignation of top executives on his hands - with more expected to step down

Three executives from Better's communications team have quit in the wake of the December 1 mass firing of 900 people
The heads of PR and marketing and the vice president of communications all quit following CEO Vishal Garg's three-minute Zoom call
The three are likely to be followed by others, according to company insiders
Garg, 43, apologized to staff for the way he handled the firing, saying: 'I realize that the way I communicated this news made a difficult situation worse'
[url]https://www.dailymail.co.uk/news/article-10285811/CEO-fired-900-staff-Zoom-sparks-mass-resignation-three-execs-expected.html[/url]

 

[morekaos]

If that?s the case you wouldn?t leave all those awesome founders stock options on the table?this fool just blew up his own company?nice work.

 

[usctrojancpa]

Must be something to morale?. ;D ;D >

CEO who fired 900 staff on brutal Zoom call then branded workers thieves now has mass resignation of top executives on his hands - with more expected to step down

Three executives from Better's communications team have quit in the wake of the December 1 mass firing of 900 people
The heads of PR and marketing and the vice president of communications all quit following CEO Vishal Garg's three-minute Zoom call
The three are likely to be followed by others, according to company insiders
Garg, 43, apologized to staff for the way he handled the firing, saying: 'I realize that the way I communicated this news made a difficult situation worse'
[url]https://www.dailymail.co.uk/news/article-10285811/CEO-fired-900-staff-Zoom-sparks-mass-resignation-three-execs-expected.html[/url]

Karma can be a biatch, huh?  haha

 

[Cares]

How would it be possible that the head of PR and Marketing not be involved in major business conversations of downsizing? Is this company ran that incompetently?

 

[morekaos]

Corporate Suicide by hubris

Better.com CEO says he is 'taking time off effective immediately' after firing 900 employees on Zoom after he accused shirking staff of 'stealing from the company': Internal memo refers to 'very regrettable events over the last week'
An internal memo from Better.com's board of directors revealed CEO Vishal Garg would be 'taking time off' after he fired 900 workers on Zoom last week
Garg had accused staff of being lazy and stealing from the company and warned the remaining workers that they would not be allowed to fail twice
He then issued a groveling apology but stood by his decision
The board put the company's CFO in charge and hired an outside firm to do a leadership and cultural assessment of the company
The company said it plans to 'build a long-term sustainable and positive culture'
https://www.dailymail.co.uk/news/ar...ve-immediately-firing-900-employees-Zoom.html

 

[usctrojancpa]

Corporate Suicide by hubris

Better.com CEO says he is 'taking time off effective immediately' after firing 900 employees on Zoom after he accused shirking staff of 'stealing from the company': Internal memo refers to 'very regrettable events over the last week'
An internal memo from Better.com's board of directors revealed CEO Vishal Garg would be 'taking time off' after he fired 900 workers on Zoom last week
Garg had accused staff of being lazy and stealing from the company and warned the remaining workers that they would not be allowed to fail twice
He then issued a groveling apology but stood by his decision
The board put the company's CFO in charge and hired an outside firm to do a leadership and cultural assessment of the company
The company said it plans to 'build a long-term sustainable and positive culture'
https://www.dailymail.co.uk/news/ar...ve-immediately-firing-900-employees-Zoom.html

Yup, karma is a biatch.

 

[eyephone]

This is why you let hr and legal handle this kind of stuff.

 

[akula1488]

Considering they are internet based operating on razor thin margin, the word of mouth or reputation can make or break their business.  The board has to act to do the damage control.

Corporate Suicide by hubris

Better.com CEO says he is 'taking time off effective immediately' after firing 900 employees on Zoom after he accused shirking staff of 'stealing from the company': Internal memo refers to 'very regrettable events over the last week'
An internal memo from Better.com's board of directors revealed CEO Vishal Garg would be 'taking time off' after he fired 900 workers on Zoom last week
Garg had accused staff of being lazy and stealing from the company and warned the remaining workers that they would not be allowed to fail twice
He then issued a groveling apology but stood by his decision
The board put the company's CFO in charge and hired an outside firm to do a leadership and cultural assessment of the company
The company said it plans to 'build a long-term sustainable and positive culture'
https://www.dailymail.co.uk/news/ar...ve-immediately-firing-900-employees-Zoom.html

Yup, karma is a biatch.

 

[Cares]

Taking time off, unpaid of course right?

 

[sgip]

Meh...If Better offered a 1.0% 30 year fixed rate refi for zero points, no matter what their HR policies might be Better would get swarmed with new business. It's really, really, really bad PR, but memories are short.

I see a golden parachute in this executive's future so the brand might recover quicker.  - also bad PR - but the usual outcome for most of these cases.